My estimates were based on a methodology utilizing profits gnerated from infringig our technology. It wouldn't be impossible to evaluate what revenues and associated profits were realized over several years for thoser products infringing on our technology. Then apply a value as if we would have had a royalty payment of "X" and equate that to its impact on our EPS.

Do that to the top 40 or so companies, total that amount by year to an estimated EPS and then use a multiple of "X" for the market PE and you come up with a share price. Depending on the values used in the analysis, ther share value may calculate from $2.00 to $10.00.

I have worked on several acquisition studies and developed five year plans based on estimates of the acquired company along with estimates of all competitors and other factors to determine the company value utilizing enhancements from our parent company in mrketing, manufacturing, etc., in arriving at a decision.

Some degree of logic is better than just throwing a number out when negotations are on an accepted amount is the task at hand.